Despite marketing materials, BRAF says Acadian Village not on the market

HFF, a national real estate firm based in Dallas, is circulating an offering memorandum for the Acadian Village shopping center, Commercial Properties Realty Trust’s retail development at the intersection of Perkins Road and South Acadian Thruway. But a spokesman for the Baton Rouge Area Foundation, which owns CPRT, says the 11-month-old shopping center is not on the market. “The Foundation and CPRT are repositioning real estate assets,” says BRAF spokesman Mukul Verma. “In doing so, we are getting an indication of the value of the assets. Only after that will we decide which, if any, assets will be sold.” The 40-page offering memorandum suggests otherwise. According to the document: “An exceptional opportunity has been created to acquire Acadian Village, a 100% leased, 79,920-square-foot, grocery-anchored retail center located in Baton Rouge, Louisiana.” The document goes on to say the property “is being offered free and clear of any existing financing thus allowing investors to capitalize on today’s historically low interest rate environment, thereby generating substantial leveraged returns.” The document estimates that annual revenues from Acadian Village are around $2 million. The listing agent on the property, Douglas Hazelbaker, declines to comment. The offering memorandum also includes two more interesting tidbits: Lululemon, the trendy women’s boutique, is planning to open its second Louisiana location in the shopping center, and Tesla Motor Co. has chosen the shopping center as the site of its only Louisiana supercharger station. See the complete offering memorandum for Acadian Village. —Stephanie Riegel